Manning & Napier Going Private

(RTTNews) - Manning & Napier, Inc. (MN), an investment company, and Callodine Group, LLC, an asset management firm have inked a deal to allow Callodine to buy Manning & Napier for $12.85 per share, the two companies said in a statement on Friday.

Upon the completion of the deal, Manning & Napier will go private and de-list its shares on NYSE.

In addition, the both parties said that Callodine will purchase from M&N Holdings, LLC all of the outstanding limited liability company interests in Manning & Napier Group, LLC that the company does not own at a price per unit of $12.85.

Marc Mayer, CEO of Manning & Napier said: "We view the combination with Callodine as providing significant benefits to all stakeholders. The combination with Callodine will add further to the strong returns we have generated over the past two years. This partnership will drive our next phase of responsible and thoughtful growth…"

The company expects to continue to provide its regular dividend to shareholders until the completion of the acquisition, expected in the third quarter of 2022.

The Boston-based Callodine is executing the proposed acquisition in partnership with East Asset Management and following the completion, Manning & Napier will become a wholly owned subsidiary of the acquirer.